Lottery gains when you pick the long payout

Michael Eckert

No Name: "Maybe somebody can answer the question. The Powerball jackpot was $478 million. If you won and took the cash, you'd get only $370 million. How can they advertise that you're going to win $478 million? That money is supposed to be there, and you only get $370 million. Where does the other $100 million go?"

When the jackpot reaches $478 million, the Powerball states have sold about a $1 billion worth of tickets. Of that billion, about a third goes to state budgets (in Michigan, to the school aid fund), about a third goes to other prizes, a few percent go to advertising and administration, and whatever is left is the cash jackpot. About $370 million. If you choose the annuity payout, though, you get $893 million. What!? In the case of the Powerball jackpot, the annuity is paid out over 30 years. The first payment is $15.9 million, or 478 divided by 30. But the Powerball adds 4% each year to the payments to keep up with inflation (Do lottery millionaires worry about inflation?). The 30th payment is almost $50 million, and all 30 annual payments add up to $893 million. Lotteries want you to take the annuity. If you take the annuity, the lottery invests the $344 million and earns interest over 30 years. It shares that interest with the winner and with schools.

No Name: "I'm a resident of the Port Huron area. I'm really getting tired of these people who, every time the city tries to do anything, have to complain about everything. ... Like they bring all these people into town who are spending money to eat somewhere or buy something in a store or do something and everybody's got to complain about it. ... We have the most beautiful river in the world. We have great things going on here. ... Keep putting stuff in the town. Let people complain. They're going to whether you do something or don't do something."

Sue from Lakeport: "After reading Cliff Schrader's article about the nuclear waste dump that's proposed in Canada near Lake Huron, I'm wondering if the city of Port Huron is going to send a representative to this meeting Sept. 16. I would certainly hope so.We do have a big stake in this."

Forever Grateful from Port Huron: "I am a patient at Mercy North, and I would like to thank and acknowledge receptionist Vic and nurse Carrie of Dr. Naqvi's office for all of their outstanding caring, kindness and compassion that they faithfully provide. These two ladies are absolutely amazing and are a true complement to this health-care facility."

No Name from Lexington: "I don't know if half the people out there know it, but it is not a law in Michigan to keep your headlights on during the day. All you're doing is wearing out your headlights."

And saving lives and property. That's why the fleets of car rental companies all have daytime running lamps. They save millions of dollars for the cost of a $3 bulb.

No Name: "What does Dearborn's ordinance have to do with race? Their cars are blocking streets. It seems like their way of life is an infringement upon the American way of life. Laws don't change because of foreigners."

It has nothing to do with race or ethnic origin. Garage conversion was not invented in Dearborn.

Driver from Port Huron: "I'm still waiting for the railroad repairs to be made at the Thomas Street crossing. That was supposed to be done in July."